Just got this infrom Washington Post:
House Rejects $700B Wall St. Bailout Legislation
In a narrow vote, the House today rejected the most sweeping government intervention into the nation's financial markets since the Great Depression, refusing to grant the Treasury Department the power to purchase up to $700 billion in the troubled assets that are at the heart of the U.S. financial crisis.
I've been hearing several discussions about what is going to happen next, some speculate that the next companies to start failing are credit card financial institutions, and other non-mortgage financial services. The credit crisis is spreading throughout our economy and social infrastructure. It has become a national and international crisis of epic proportions. I believe that this is the tip of the iceberg. That we have only seen the begining. With gold close to $1000 people are running scared with their money, they have no idea where to put it.
Real Estate- NO
Banks - ? still fairly safe, but you need to diversify heavily if you have over 100k, even if you have less you should be very cautious of where you put your money.
CD - ?
Stocks - NO
Gold ? probably not a bad bet these days.
I would venture to say that there is a good chance what is happening with our economy is a form of "financial terrorism" with no one person to blame. Who is behind this mess. There is no one person or institution that you can blame or hold accountable.
Now you hear people talking about how long it is going to take to recover....??? 1 year, 3 years, 4 years. Folks we have not seen the worse of this. I estimate we are in for 5 - 10 years before we see tings turn around. We have hit one of the historical patterns that resembles the depression. What will get our economy out of this? A war? I sure hope not, we are already in one war, and that has done nothing, perhaps prolonged the crisis we are dealing with now.
Last update is the stock market is down over 500 points!